STATESBORO, GA. — Vesper Holdings has acquired The Forum at Statesboro, a 780-bed student housing community located near Georgia Southern University in Statesboro, for $28.5 million. The property comprises 13 three-story residential buildings and a clubhouse, and offers one-, two-, three- and four-bedroom units. Community amenities include a swimming pool, 24-hour fitness center, game room, indoor basketball court, tennis and volleyball courts, tanning beds, a business center and a dog park. Vesper plans to invest $1.3 million in capital expenditures to improve curb appeal, renovate the clubhouse and upgrade amenities. The seller was undisclosed.
PEMBROKE PINES. FLA. — An affiliate of Harbor Group International LLC has acquired the 700-unit Montage at City Center in Pembroke Pines, a suburb of Miami, for $158.5 million. Montage at City Center contains 12 mid-rise buildings and 28 townhome buildings. The community offers a mix of one-, two- and three-bedroom units. The property is currently 95 percent leased with an average market rent of $1.55 per square foot. Montage at City Center was built in two phases between 2014 and 2015. Unit interiors feature formica countertops, espresso cabinetry, stainless steel appliances and hard-surface flooring. Property amenities include a LEED Gold-certified clubhouse, two resort-style pools, a fitness center, business center, game room and demonstration kitchen. Private garages and storage units are also available for rent. The multifamily complex is located adjacent to Pembroke Pines City Center, a 47-acre mixed-use project that will feature retail, office and residential components. Terra Group is developing the project. Phase I will deliver 200,000 square feet of retail anchored by a 45,600-square-foot Publix. Phase II will add 450 apartments and 100,000 square feet of office. The City of Pembroke Pines is also building a $60 million civic and cultural center, which includes a new city …
HIALEAH GARDENS, FLA. — Bridge Development Partners has sold two Class A industrial assets spanning 676,835 square feet within three buildings in Hialeah Gardens, a suburb of Miami. According to public records, Duke Realty purchased the properties, named Bridge Point Crossroads East and Bridge Point Crossroads South, for $80 million. Located at 15002 and 14802 N.W. 146th St., Crossroads East consists of two buildings totaling 420,989 square feet. Recently completed in the first quarter of 2017, the buildings feature a 180-foot shared truck court, 32-foot clear heights, 54-foot column spacing, build-to-suit offices, T5 energy-efficient lighting and an ESFR fire sprinkler system. Located at 10701 N.W. 140th St., Bridge Point Crossroads South is a 255,846-square-foot building with the same features as Bridge Point Crossroads East except with a 120-foot non-shared, fenced truck court. The properties have immediate access to U.S. 27, Florida’s Turnpike, state Route 826 and Interstate 75. Chris Riley, Christian Lee and Jose Lobon of CBRE represented Miami-based Bridge Development in the transaction.
CHARLOTTE, N.C. — Equus Capital Partners Ltd. has purchased the Rotunda Building, a 230,790-square-foot office building located at 4201 Congress St. in Charlotte’s SouthPark submarket. Equus acquired the property from global asset management firm RREEF America for $60 million, according to the Charlotte Business Journal. Situated on 5.3 acres near SouthPark Mall, the office building features a two-story lobby, conference room, water fountain and Village Tavern, a full-service restaurant. HFF represented the seller in the transaction and arranged a $42.4 million acquisition loan through Bank of America Merrill Lynch on behalf of Equus. The property was 91 percent leased at the time of sale to tenants such as JLL, First Bank, Capital South, Development Management and Michelin. Ryan Clutter, Scot Humphrey and Chris Lingerfelt led the HFF investment sales team in the transaction. Brent Bowman and Travis Anderson led HFF’s debt placement team.
PALM BEACH GARDENS, FLA. — TH Real Estate, an affiliate of Nuveen (the investment management arm of TIAA), has acquired the Promenade Shopping Plaza, a 202,696-square-foot, grocery-anchored retail center in Palm Beach Gardens. The seller and sales price were undisclosed, but the South Florida Business Journal reports that TH Real Estate purchased the shopping center from Boca Raton, Fla.-based Woolbright Development for $49.3 million. The property was 97 percent leased at the time of sale to tenants such as Publix, Bealls Outlet, Planet Fitness, Club Outlet Store and CVS. First developed in 1972 and redeveloped in 2015, Promenade Shopping Plaza is the first deal closed by TH Real Estate’s new Miami office, which opened in January. The regional office currently manages a total of $10.5 billion of real estate investments spanning 36 million square feet of office, retail, industrial and multifamily space in the Southeast and Latin America.
BETHESDA, MD. — Goodstone LLC, a Washington, D.C.-based real estate investment firm, has purchased a vacant 217,732-square-foot office building at 6116 Executive Blvd. in Bethesda for $9.5 million. Special servicer LNR sold the asset at auction via Ten X Commercial on behalf of WBCMT 2005-C21 Office 6116. Formerly the home of the National Institutes of Health’s National Cancer Institute, the building sold for $81.4 million in 2005. In the coming year the building will be renovated and updated to include a fitness center, conference facility, vending café and visitor lounge and upper floor tenant terrace with outdoor seating. Work is expected to conclude and occupancy to be available in April, 2018.
ATLANTA — Columbia Property Trust has completed more than 92,000 square feet of leases since November 2016 at One Glenlake Parkway, a 351,000-square-foot office building in Atlanta’s Central Perimeter submarket. Five new tenants are moving in with leases ranging from 3,000 square feet to more than 66,000 square feet, bringing One Glenlake’s occupancy to 94 percent. The Atlanta-based REIT recently wrapped up a $3 million modernization of the office building, which is situated off Ga. 400 near the new Mercedes-Benz USA offices. Built in 2003, the 14-story property now features new communal spaces, outdoor seating, an updated lobby, fitness center, conference facility and Salt + Block, a new café managed by Sterling Spoon. The design team included architects Indigo Collective and Gensler.
ATLANTA — PMZ Realty Capital has closed an $82.5 million loan for Embassy Suites by Hilton Atlanta at Centennial Park, a 321-room hotel located at 267 Marietta St. in downtown Atlanta. Situated near Centennial Olympic Park in Atlanta’s Luckie-Marietta district, the hotel features 16,000 square feet of meeting space and an outdoor pool and spa. The borrower, Legacy Property Group, is using the floating-rate financing to retire existing debt on the hotel, which has recently undergone a $10 million facelift. This is the fourth loan that PMZ Realty Capital has closed for Legacy.
BIRMINGHAM, ALA. — Capital One Multifamily has arranged a $27.1 million Fannie Mae loan for 4700 Colonnade, a 215-unit apartment community located in Birmingham. Built in May 2016, 4700 Colonnade was 97 percent occupied at closing. Chad Thomas Hagwood of Capital One Multifamily originated the 10-year, fixed-rate loan with two years of interest-only payments followed by a 30-year amortization schedule. The borrower, an affiliate of Kore LLC, is using the financing to retire construction debt and return proceeds.
MIAMI — PGT Innovations Inc., an impact window and door manufacturer, plans to open a new 330,000-square-foot manufacturing facility in Miami. The company currently operates an 182,000-square-foot office and manufacturing property roughly 12 miles from the new facility. PGT Innovations will manufacturer its CGI branded products at the new location, as well as other commercial and PGT aluminum products. The new building space will accommodate a multi-brand showroom, offices, production and distribution capabilities. The new space is slated to be complete near the end of 2017 and is expected to be operational by January 2018.